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MFS Intercorp to announce Quarterly Result
Jul 25,2017

MFS Intercorp will hold a meeting of the Board of Directors of the Company on 1 August 2017.

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ZEE drops after announcing Q1 results
Jul 25,2017

Meanwhile, the S&P BSE Sensex was up 30.76 points, or 0.09% to 32,275.37.

On the BSE, 68,144 shares were traded in the counter so far, compared with average daily volumes of 1.29 lakh shares in the past one quarter. The stock had hit a high of Rs 558.90 and a low of Rs 537.30 so far during the day. The stock had hit a 52-week high of Rs 588.80 on 3 October 2016. The stock had hit a 52-week low of Rs 428.50 on 23 December 2016.

The stock had outperformed the market over the past one month till 24 July 2017, rising 8.12% compared with 3.56% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 4.95% as against Sensexs 8.73% rise. The scrip had, however, outperformed the market in past one year, rising 18.08% as against Sensexs 15.98% rise.

The large-cap company has equity capital of Rs 96.04 crore. Face value per share is Re 1.

Zee Entertainment Enterprises (ZEE) consolidated net profit rose 16% to Rs 251.6 crore on 2% decline in operating revenue to Rs 1540.3 crore in Q1 June 2017 over Q1 June 2016.

Punit Goenka, Managing Director & Chief Executive Officer, ZEEL, commented, that it was yet another satisfying quarter with a strong financial and operating performance. During the quarter, the company recovered from the impact of demonetization and the growth in the first two months was strong. However, the momentum was disrupted in June in the run-up to GST implementation.

The advertisers reduced ad spends on existing brands and launched fewer products as distribution chain was not fully prepared for seamless transition to the new regime. Despite the challenge, domestic ad revenue grew by 7%. Notwithstanding the short-term impact, the company believes that GST will aid the advertising spends in the long-run.

The domestic subscription revenue, adjusted for the sale of sports business, grew by 14.5%. While there is still uncertainty regarding the implementation of the new tariff regulation due to pending litigations, the company is confident of driving the subscription business on the back of the strong competitive positions of channels in the key genres, he added.

Meanwhile, the companys board approved a composite scheme of arrangement and amalgamation between the company and certain domestic wholly-owned subsidiaries which includes demerger of Digital Media and Entertainment Business undertaking from Zee Digital Convergence, vesting with the company. Demerger of Advertisement Sales Media Business undertaking from Zee Unimedia, vesting with the company.

Demerger of Online Media Business undertaking from India Webportal Private, vesting with the company and amalgamation of Sarthak Entertainment with the company, with effect from appointed date of 1 April 2017. Since the corporate restructuring involves the company and its wholly owned subsidiaries, the scheme does not provide for any consideration for the demerger/merger proposed in the scheme.

The audit committee of the board of directors of the company approved appointment of Bharat Kedia as Chief Financial Officer of the company with effect from 1 August 2017, in place of Mihir Modi, who will be moving to a new role in the company.

Zee Entertainment Enterprises is one of Indias leading television media and entertainment companies. The company and its affiliate companies have leading presence across the media value chain including television broadcasting, cable distribution, direct-to-home satellite services, digital media and print media amongst others.

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Wendt (India) drops after weak Q1 earnings
Jul 25,2017

The result was announced after market hours yesterday, 24 July 2017.

Meanwhile, the S&P BSE Sensex was up 12.61 points or 0.04% at 32,258.48. The S&P BSE Small-Cap index was up 1.57 points, or 0.01% to 16,037.33.

On the BSE, 488 shares were traded on the counter so far as against the average daily volumes of 621 shares in the past one quarter. The stock had hit a high of Rs 2,604 and a low of Rs 2,451 so far during the day. The stock had hit a 52-week high of Rs 2,809.85 on 20 July 2017 and a 52-week low of Rs 1,666 on 26 December 2016.

The small-cap company has equity capital of Rs 2 crore. Face value per share is Rs 10.

Wendt (India) is a manufacturer of super abrasives, grinding, honing and special purpose machines and components.

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Just Dial advances as board approves buyback proposal
Jul 25,2017

Meanwhile, the S&P BSE Sensex was up 8.56 points, or 0.03% to 32,254.43. The S&P BSE Small-Cap index was off 11.55 points, or 0.07% to 16,024.21.

On the BSE, 4.71 lakh shares were traded in the counter so far, compared with average daily volumes of 2.13 lakh shares in the past one quarter. The stock had hit a high of Rs 372.90 and a low of Rs 364 so far during the day. The stock hit a 52-week high of Rs 619.45 on 17 March 2017. The stock hit a 52-week low of Rs 318.20 on 27 December 2016.

The small-cap company has equity capital of Rs 69.55 crore. Face value per share is Rs 10.

Just Dials board of directors approved the proposal to buyback shares from its shareholders/beneficial owners other than those who are promoters, members of the promoter group and persons in control, from the open market through stock exchanges mechanism for a total amount not exceeding Rs 83.91 crore, and at a price not exceeding Rs 700 per share.

The maximum buyback size represents 9.998% of the aggregate of the companys share capital and free reserves based on the standalone audited financial statements of the company as at 31 March 2017. The announcement was made after market hours yesterday, 24 July 2017.

Just Dials net profit fell 1.98% to Rs 38.16 crore on 5.71% increase in total income to Rs 216.65 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Just Dial is a leading local search engine in India.

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The Ministry of Tourism has launched Swadesh Darshan Scheme in 2014-15 for integrated development of Theme-Based tourist Circuits in the country
Jul 25,2017

The Ministry of Tourism has launched Swadesh Darshan Scheme in 2014-15 for integrated development of Theme-Based tourist Circuits in the country. Coastal Circuit which includes inter-alia beach destinations has been identified as one of thirteen thematic circuits for development under this scheme. The Ministry of Tourism promotes India as a holistic destination as part of its on-going activities by releasing advertising campaigns in various media under the Incredible India brand-line, through its website, production of publicity and promotional material and through promotional activities undertaken by the overseas India

Cleanliness and maintenance of beaches is the responsibility of the respective State Governments/ UT administrations. However, Ministry extends Central Financial Assistance under the Swadesh Darshan scheme for Beach Cleaning Equipment as one of the admissible components to promote cleanliness of beaches.

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Ambuja Cements builds gains after good Q2 result
Jul 25,2017

The result was announced after market hours yesterday, 24 July 2017.

Meanwhile, the S&P BSE Sensex was up 32.61 points or 0.1% at 32,278.48.

On the BSE, 82,000 shares were traded on the counter so far as against the average daily volumes of 3.13 lakh shares in the past one quarter. The stock had hit a high of Rs 275 and a low of Rs 271 so far during the day. The stock had hit a 52-week high of Rs 282 on 31 August 2016 and a 52-week low of Rs 191 on 22 November 2016.

The large-cap company has equity capital of Rs 397.13 crore. Face value per share is Rs 2.

Consolidated operating earnings before interest, taxation, depreciation and amortization (EBITDA) rose 20.79% to Rs 1290 crore in Q2 June 2017 over Q2 June 2016.

Consolidated cement sales volumes rose 7.58% to 12.78 million tonnes in Q2 June 2017 over Q2 June 2016.

In its outlook, Ambuja Cements said that the Governments focus on infrastructure, backed by a good monsoon, should help in spurring economic growth in the second half of the year. The company said it was well prepared for the implementation of the new Goods and Services Tax (GST) with effect from 1 July 2017. The resulting simplification of the tax structure will make it easier to do business and benefit the overall economy in the long run.

Ambuja Cements is engaged in manufacturing and marketing cement and clinker for both domestic and exports. The company sells cement under the Ambuja Cement brand.

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Welspun Enterprises announces new infra projects and plans to apply for NBFC license
Jul 25,2017

Welspun Enterprises announced its plans to expand its operations in infrastructure and to apply for NBFC (Non-Banking Financial Company) licence.

In the infrastructure space, WEL has agreed to acquire 49% stake in two NHAI Hybrid Annuity Model (HAM) projects from MBL Group, subject to necessary approvals and statutory compliances. WEL will be the sponsor to these two projects, thus expanding its HAM project portfolio to three projects.

The two projects are:
a. 4-Laning of Chutmalpur-Ganeshpur section of NH-72A & Roorkee-Chutmalpur-Gagalheri section of NH-73
b. 4-Laning of Gagalheri-Saharanpur-Yamunanagar (UP/Haryana Border) section of NH-73

The consideration for the stake purchase is Rs. 23 crore. The Company has the option to acquire the remaining 51% stake in these projects as and when the regulator (NHAI) permits. The consideration for the purchase of the remaining stake is fixed at Rs. 24.5 crore.

As per the Hybrid Annuity Model (HAM), the projects will have 40% financial support from NHAI. The debt component is estimated to be 48% of the project cost; and as sponsor, the balance will be funded by WEL (apart from the equity of MBL). WEL is in the process of completingdocumentations for financial closure and appointed date is expected to be announced by NHAI by the end of the month. The EPC contract of both projects will be executed by WEL.

Apart from this, as announced on 19 July 2017, WEL has emerged as the lowest bidder for the Aunta-Simaria HAM project from NHAI at the bid price of Rs. 1045 crore.

The Board of Directors of WEL has approved the proposal of its subsidiary, namely Welspun Financial Services (WFSL), to apply to RBI for NBFC licence. WEL will be holding 60% stake in the subsidiary. The remaining 40% will be held by the Welspun promoter group.

WEL would initially subscribe to 60% of the equity share capital of WFSL, up to an amount of Rs. 2 crore. The Board has given in-principle approval for maximum investment up to Rs.350 crore in the venture, from the Companys cash reserve. A Board delegated committee would be constituted to evaluate and take day-to-day decisions. The specific investment proposal and the business plan would be approved by the Board on obtaining NBFC License, post on-boarding the team. TheMemorandum of Association is being suitably altered for this purpose.

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Wipro forms partnership with Hewlett Packard Enterprise
Jul 25,2017

Wipro announced a partnership with Hewlett Packard Enterprise (HPE) to offer IT infrastructure solutions in a consumption based or pay per use business model for enterprises. This model for IT infrastructure procurement and provisioning will be offered to both Wipro and HPEs customers, globally.

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Glenmark Pharmaceuticals receives final approval for Desonide Cream, 0.05%
Jul 25,2017

Glenmark Pharmaceuticals has received final approval from the United States Food & Drug Administration (USFDA) for Desonide Cream, 0.05%, the generic version of Desonide Cream, 0.05% of Perrigo New York Inc.

According to IMS Health sales data for the 12 month period ending May 2017, the Desonide Cream, 0.05% market1 achieved annual sales of approximately $44.6 million.

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Optional reporting of details of one foreign bank account by the non-residents in refund cases
Jul 25,2017

Refund generated on processing of return of income is currently, credited directly to the bank accounts of the tax-payers. Availability of the detail of bank accounts in which the refund is to be credited is a precondition for direct credit of refund in the bank accounts.

Income-tax Return Forms for the Assessment Year 2017-18 were notified on 30th March, 2017. A number of representations were received from the non-residents that they are facing difficulties in getting refund as they do not have bank account in India and there is no column in the notified form of return of income for reporting details of foreign bank account by the non-residents for this purpose.

In view of this, a facility has been provided in return utility for reporting of details of bank account by non-residents, who do not have bank account in India and who are claiming income-tax refund. Therefore, the non-residents who are not claiming refund or non-residents who are claiming refund but having a bank account in India are not required to furnish details of their foreign bank account in the return of income. However, the non-residents, who are claiming income-tax refund and not having bank account in India may, at their option, furnish the details of one foreign bank account in the return of income for issuance of refund.

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Board of Just Dial approves buyback of shares
Jul 25,2017

Just Dial announced that a meeting of the Board of Directors of the Company was held on 24 July 2017. The meeting inter alia transacted the following businesses:

1. Appointed Abhishek Bansal as Chief Financial Officer of the Company.

2. Considered and approved the allotment of 12,979 Equity Shares of face value of Rs. 10/- each to certain employees of the Company pursuant to exercise by such employees of vested options granted to them under the Employee Stock Option Scheme, 2013 and Employee Stock Option Scheme, 2014.

3. Decided to convene 23rd Annual General meeting of the Shareholders of the Company on 29 September 2017 and approved the draft Notice of Annual General Meeting.

4. Considered and approved the proposal to Buyback of the Companys fully paid-up equity shares of face value of Rs. 10 each (hereinafter referred as the n++Equity Sharesn++) from its shareholders/beneficial owners other than those who are promoters, members of the promoter group and persons in control, from the open market through stock exchanges mechanism in accordance with the provisions of the Securities Board of India (Buy Back of Securities) Regulations, 1998 (the n++SEBI Buy Back Regulationsn++) for a total amount not exceeding Rs. 83.91 crore (the n++Maximum Buyback Sizen++), and at a price not exceeding Rs. 700/- per Equity Share (the n++Maximum Buyback Pricen++). The Maximum Buyback Size represents 9.998% of the aggregate of the Companys Equity Share capital and free reserves based on the standalone audited financial statements of the Company as at 31 March 2017, which is in compliance with the maximum permissible limit of 10% of the paid-up Equity Share capital and free reserves in accordance with Section 68(2) of the Companies Act, 2013.

5. Reconsidered its earlier resolutions passed at the Meeting of the Board of Directors held on 11 July 2017 to institute new Just Dial Limited Employee Stock Option Scheme 2017 and variation in terms and Conditions of Just Dial Limited Employee Stock Option Scheme 2016 and decided to rescind the said resolutions.

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Shares of Salasar Techno Engineering get listed
Jul 25,2017

The equity shares of Salasar Techno Engineering (Scrip Code: 540642) are listed effective 25 July 2017 and admitted to dealings on the Exchange in the list of T Group Securities

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Ambuja Cements, ZEE in focus after declaring June 2017 quarterly results
Jul 25,2017

Ambuja Cements consolidated net profit rose 11.9% to Rs 718.24 on 14.7% increase in net sales to Rs 6145.33 crore in Q2 June 2017 over Q2 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Ambuja Cements said that the Governments focus on infrastructure, backed by a good monsoon, should help in spurring economic growth in the second half of the year. The company said it was well prepared for the implementation of the new Goods and Services Tax (GST) with effect from 1 July 2017. The resulting simplification of the tax structure will make it easier to do business and benefit the overall economy in the long run.

Zee Entertainment Enterprises (ZEE) consolidated net profit rose 15.9% to Rs 251.44 crore on 2% decline in net sales to Rs 1540.25 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Bharti Infratels consolidated net profit fell 12.2% to Rs 663.90 crore on 9.7% increase in net sales to Rs 1593.40 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Indiabulls Housing Finances consolidated net profit rose 25.1% to Rs 788.22 crore on 24.2% growth in total income to Rs 3225.02 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

Among prominent earnings, Asian Paints, Axis Bank, Bharti Airtel and Hero MotoCorp are scheduled to announce April-June 2017 quarter results today, 25 July 2017.

On a consolidated basis, Mahindra & Mahindra Financial Services profit after tax (PAT) and minority interest declined by 46% to Rs 58 crore on 19% increase in total income to Rs 1886 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 24 July 2017.

The company, with effect from quarter ended 30 June 2016, had started considering the estimated realisable value of underlying security (which conforms to the RBI norms) for loan assets to determine 100% provisioning for assets which were 24 months overdue which had resulted in lower provision of Rs 193 crore in Q1 June 2016 and Rs 83 crores in the year ended March 2017 with a consequent impact on the profit before tax. In Q1 June 2017, the company has made additional provision of Rs 83 crore against the above mentioned 100% provision cases.

During this quarter, the companys customer base has crossed 4.8 million customers. The company currently has a network of 1,183 offices and the total assets under management (AUM) of Rs 47576 crore as on 30 June 2017, as against Rs 41662 crore as on 30 June 2016, a growth of 14%.

Shares of Salasar Techno Engineering will be listed and admitted to dealings today, 25 July 2017 on the BSE in T group. The initial public offer (IPO) of Salasar Techno Engineering received bids for 90.67 crore shares, NSE data showed. The IPO was subscribed 273.05 times. The IPO opened for bidding on 12 July 2017 and closed on 17 July 2017. The IPO price was fixed at Rs 108 per share.

Just Dials board of directors considered and approved the proposal to buyback shares from its shareholders/beneficial owners other than those who are promoters, members of the promoter group and persons in control, from the open market through stock exchanges mechanism for a total amount not exceeding Rs 83.91 crore, and at a price not exceeding Rs 700 per share. The maximum buyback size represents 9.998% of the aggregate of the companys share capital and free reserves based on the standalone audited financial statements of the company as at 31 March 2017. The announcement was made after market hours yesterday, 24 July 2017.

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JM Financial allots 2,78,244 equity shares
Jul 24,2017

JM Financial has allotted 2,78,244 equity shares of the face value of Re 1 each under ESOS.

Subsequent to the allotment of equity shares as above, the paid-up equity share capital of the Company is Rs.79,70,67,410/- representing 79,70,67,410 equity shares of the face value of Re. l/- each

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Punjab National Bank gets affirmation in ratings
Jul 24,2017

Punjab National Bank announced that Moodys has affirmed Banks local and foreign currency bank deposit rating at Baa3/ Prime -3. Moodys has also reaffirmed the banks foreign currency issuer rating at Baa3. At the same time, Moodys has affirmed the banks Baseline Credit Assessment (BCA) and Adjusted BCA at ba3. Moodys affirmed the banks Counter Party Risk Assessment (CRA) at Baa3 (cr)/ Prime-3 (cr).

The outlook, where applicable, has been changed to Stable from Positive.

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